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TEMPORARY LOAN ORDINANCE ORDINANCE #2009-12-04 Whereas, the Common Council of the City of Warsaw, Indiana has determined that an emergency exists due to the delay of property tax distributions and Whereas, the ability to utilize temporary loans from funds having sufficient balances to certain funds which will be depleted due to lack of property tax distributions will enable adequate cash flow requirements and reduce or avoid the costs of borrowing funds. Now therefore, be it ordained by the Common Council of the City of Warsaw, Indiana that the following temporary loan is to be made from funds having sufficient balances and will be repaid with future tax draw and/or other revenues no later than December 31, 2010: Loan Amount: $3,354,6551.00 Loaned From: General Fund Loaned To: Fire Territory Operating Fund If funds are deficient on December 31, 2010, the deadline for repayment of the temporary loan may be extended to June 30, 1011 upon approval of an emergency resolution by the Common Council pursuant to IC 36-1-8-4. Dated this 21st day of December, 2009. AYE NAY Kyle Babcock Dr. Joseph Thallemer George Clemens Jeff Grose Charles D. Smith Jerry Patterson Daniel Hampton Presented to and approved by me this 21st day of December, 2009. Ernest B. Wiggins, Mayor ATTEST: Elaine Call, Clerk-Treasurer j12
